Revenue Recognition (Tables)

6 Months Ended

Oct. 31, 2018

Summary of Net Sales Transferred to Customers at a Point in Time and Over Time

A summary of net sales transferred to customers at a point in time and over time for the three and six months ended October 31, 2018 is as follows (in thousands):


	Three Months Ended October 31, 2018
	Domestic		International		Total
Over Time	$	28,311	$	6,656	$	34,967
Point in Time		2,311		—		2,311

	$	30,622	$	6,656	$	37,278


	Six Months Ended October 31, 2018
	Domestic		International		Total
Over Time	$	62,559	$	12,738	$	75,297
Point in Time		4,133		—		4,133

	$	66,692	$	12,738	$	79,430

ASU 2014-09 [Member]

Summary of Impact of Adopting ASC 606 on Company's Condensed Consolidated Statements

The following table summarizes the impact of adopting ASC 606 on the condensed consolidated statements of operations:


	Three Months Ended October 31, 2018
	($ in thousands, except per share amounts)
	As Reported			Adjustments		Balance Without Adoption of ASC 606
Net sales	$	37,278		$	1,117	$	38,395
Costs of products sold		29,505			1,035		30,540

Gross profit		7,773			82		7,855
Operating expenses		5,963			3		5,966

Operating earnings		1,810			79		1,889
Other income		150			—		150
Interest expense		(91	)		—		(91	)

Earnings before income taxes		1,869			79		1,948
Income tax expense		415			25		440

Net earnings		1,454			54		1,508
Net earnings attributable to the noncontrolling interest		40			—		40

Net earnings attributable to Kewaunee Scientific Corporation		1,414			54		1,468

Basic Earnings Per Share	$	0.52		$	0.02	$	0.54
Diluted Earnings Per Share	$	0.51		$	0.02	$	0.53


	Six Months Ended October 31, 2018
	($ in thousands, except per share amounts)
	As Reported			Adjustments			Balance Without Adoption of ASC 606
Net sales	$	79,430		$	(52	)	$	79,378
Costs of products sold		64,183			350			64,533

Gross profit		15,247			(402	)		14,845
Operating expenses		11,726			5			11,731

Operating earnings		3,521			(407	)		3,114
Other income		314			—			314
Interest expense		(182	)		—			(182	)

Earnings before income taxes		3,653			(407	)		3,246
Income tax expense		783			(92	)		691

Net earnings		2,870			(315	)		2,555
Net earnings attributable to the noncontrolling interest		49			—			49

Net earnings attributable to Kewaunee Scientific Corporation		2,821			(315	)		2,506

Basic Earnings Per Share	$	1.03		$	(0.11	)	$	0.92
Diluted Earnings Per Share	$	1.01		$	(0.11	)	$	0.90

The following table summarizes the impact of adopting ASC 606 on the Company’s condensed consolidated balance sheet:


	October 31, 2018
	($ in thousands)
	As Reported		Adjustments			Balance Without Adoption of ASC 606
Assets
Cash and cash equivalents	$	9,477				$	9,477
Restricted cash		679					679
Receivables, less allowances		29,785		(2,297	)		27,488
Inventories		17,097		1,587			18,684
Prepaid expenses and other assets		3,251					3,251

Total Current Assets		60,289		(710	)		59,579
Net property, plant and equipment		14,868					14,868
Other assets		5,439					5,439

Total Assets	$	80,596	$	(710	)	$	79,886

Liabilities and Stockholders’ Equity
Short-term borrowings and interest rate swaps	$	4,658	$	—		$	4,658
Current portion of long-term debt and lease obligations		1,184		—			1,184
Accounts payable		10,726		(10	)		10,716
Other current liabilities		7,468		(168	)		7,300

Total Current Liabilities		24,036		(178	)		23,858
Other non-current liabilities		7,177		—			7,177

Total Liabilities		31,213		(178	)		31,035
Noncontrolling interest		463		—			463
Total Kewaunee Scientific Corporation Stockholders’ Equity		48,920		(532	)		48,388

Total Stockholders’ Equity		49,383		(532	)		48,851

Total Liabilities and Stockholders’ Equity	$	80,596	$	(710	)	$	79,886